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Koneru Prasad remanded in CBI custody till Nov 10
Industrialist and chief of Trimex Group, Koneru Prasad, arrested in connection with the alleged irregularities in the APIIC-Emaar Properties land deal
Hyderabad: Industrialist and chief mentor of
Trimex Group, Koneru Prasad, arrested in connection with the
alleged irregularities in the APIIC-Emaar Properties land deal
was on Friday remanded in CBI custody till November 10 by a local
court.
Prasad, who is also the promoter of Stylish Homes Real Estate Pvt Ltd and a director of the Emaar Hill Township Pvt Ltd, was arrested by CBI last evening on charges of criminal conspiracy and cheating among others in connection with a "scam" relating to sale of villas/plots by Emaar Hills Township Project at Gachibowli The CBI today produced Prasad before the Special Court for Economic Offences here and sought 15-day custodial interrogation, though the court gave the remand for seven days.
The court also directed the agency to question Prasad between 10 am and 8 pm during the custody period in the presence of an advocate and produce him before it on November 10.
Stylish Homes Real Estate Pvt Ltd which was one of the marketing agents for Emaar is accused of unofficially selling villas and plots at very high rates. Terming Prasad as a key person in the probe into Emaar case and instrumental in the APIIC-Emaar land deal, CBI Joint Director (Hyderabad Zone) V V Lakshmi Narayana earlier said,
"Koneru Prasad knows lot of details in this case and his thorough interrogation is important."
Prasad allegedly had a role on dilution of APIIC`s equity and also Emaar roping in its group company Emaar MGF Land Pvt Ltd as a co-developer for the township which in turn resulted in reduction of stake and loss to Andhra Pradesh Industrial Infrastructure Corporation (APIIC).
On August 10, the High Court ordered a CBI inquiry into the land allotments made to Emaar by the then YSR Reddy Government and dilution of the stake of APIIC in the joint venture with Emaar for the development of a integrated township, golf course and convention centre at Gachibowli here. The CBI in its FIR on August 17 alleged that APIIC`s former CMD and currently the Principal Secretary (Home) B P Acharya, directors of Emaar Properties, directors of Emaar Hill Township Private Limited (EHTPL), Emaar MGF Land Private Ltd, Stylish Homes Pvt Ltd and unknown public servants and "unknown others" entered into a "criminal conspiracy" to cheat APIIC which in turn resulted in wrongful gain to Emaar.
PTI
Prasad, who is also the promoter of Stylish Homes Real Estate Pvt Ltd and a director of the Emaar Hill Township Pvt Ltd, was arrested by CBI last evening on charges of criminal conspiracy and cheating among others in connection with a "scam" relating to sale of villas/plots by Emaar Hills Township Project at Gachibowli The CBI today produced Prasad before the Special Court for Economic Offences here and sought 15-day custodial interrogation, though the court gave the remand for seven days.
The court also directed the agency to question Prasad between 10 am and 8 pm during the custody period in the presence of an advocate and produce him before it on November 10.
Stylish Homes Real Estate Pvt Ltd which was one of the marketing agents for Emaar is accused of unofficially selling villas and plots at very high rates. Terming Prasad as a key person in the probe into Emaar case and instrumental in the APIIC-Emaar land deal, CBI Joint Director (Hyderabad Zone) V V Lakshmi Narayana earlier said,
"Koneru Prasad knows lot of details in this case and his thorough interrogation is important."
Prasad allegedly had a role on dilution of APIIC`s equity and also Emaar roping in its group company Emaar MGF Land Pvt Ltd as a co-developer for the township which in turn resulted in reduction of stake and loss to Andhra Pradesh Industrial Infrastructure Corporation (APIIC).
On August 10, the High Court ordered a CBI inquiry into the land allotments made to Emaar by the then YSR Reddy Government and dilution of the stake of APIIC in the joint venture with Emaar for the development of a integrated township, golf course and convention centre at Gachibowli here. The CBI in its FIR on August 17 alleged that APIIC`s former CMD and currently the Principal Secretary (Home) B P Acharya, directors of Emaar Properties, directors of Emaar Hill Township Private Limited (EHTPL), Emaar MGF Land Private Ltd, Stylish Homes Pvt Ltd and unknown public servants and "unknown others" entered into a "criminal conspiracy" to cheat APIIC which in turn resulted in wrongful gain to Emaar.
PTI